Bexinco Ltd offers discounted bundled health insurance packages. Bexinco Ltds bundled service package includes joining fee which is offered at the inception of the contract and two ongoing services Dental services and Chiropractic services over a one- year period.

Customer L pays $72,000 upfront, on 1 July 2020. Bexinco Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be as follows.

Joining fee	$8,000
Dental services	$24,000
Chiropractic services	$48,000

The end of Bexinco Ltds reporting period is 30 June. Required a) Prepare the journal entry to record this transaction in accordance with AASB 15/IFRS 15 at 1 July 2020 (at inception of the agreement). (2 marks) b) Prepare journal entries for the year ended 30 June 2021. (2 marks)